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News from January 2005
Russian Oil Companies to Cut Exports in First Quarter of 2005
Export to foreign countries through the state-owned pipeline monopoly Transneft will decrease by two percent compared to last year’s figures, down to a volume of 41.71 million tons, the Interfax news agency reported, citing a source in the Industry and Energy Ministry. Mosnews Russian oil companies are set to cut oil exports by two percent […]
Prophets Of Doom: The Coming Oil Crisis
The world economy has gotten fairly comfortable with oil at $45 a barrel. But how will it react to paying $100 a barrel three years from now? Or $150 in five years? That’s what the future holds according to Stephen Leeb, president of Leeb Capital Management and author of The Oil Factor (Warner Books 2004). […]
The End of Oil?
Deffeyes has no doubt that by 2019, the year in which Hubbert’s theories indicate global oil production will drop to 90 percent of current rates, human ingenuity will have found replacement energy sources (see “What Energy Crisis?â€Â, p. 19). But Deffeyes is optimistic about the long term only because he believes that by 2010, pressures will grow so intense that they’ll create the resolve necessary to develop a new energy ÂÂeconomy. In the short term, he foresees continually rising oil prices that force industry after industry closer to the wall. He fears not just escalating resource wars around the world but also mass starvation in some countries, since the 6.4 billion people living on the earth today are fed thanks largely to the successes of the 20th century’s “green revolution,†which, among other innovations, brought petrochemical-based fertilizers into wide use.
ONGC gets go-ahead to bid for Yukos assets
India’s state-run Oil and Natural Gas Corporation said it had received government approval to bid for some of the assets of beleaguered Russian oil giant Yukos.
“We have received the government approval to bid for some assets of Yukos,” Subhir Raha, chairman of the oil exploration firm, said.
More nuclear power plants to be set up: PAEC chief
The Pakistan Atomic Energy Commission (PAEC) plans more nuclear power plants as the country needs to end its dependence on oil, gas and other means of energy sources that produce 1.8 million tons of carbon dioxide per year damaging environment.
Rising seas threaten ports, islands
It sounds insignificant alongside the Indian Ocean tsunami, yet an almost imperceptible annual rise in the world’s oceans may pose a huge threat to ports, coasts and islands by 2100.
The leaders of 37 small island states are meeting in Mauritius to discuss an early warning system to protect against tsunamis and a creeping rise in ocean levels, which is blamed widely on global warming.
Protest against Nepal oil prices
Protesting students have clashed with police in Nepal a day after the government announced an increase in fuel prices.
Student groups affiliated to both the opposition and the governing parties are demanding that the decision to hike prices be reversed.
Will Rising Seas Swamp Some Small Island States?
Small island nations meet in Mauritius from Jan. 10-14 for talks about threats including a creeping rise in sea levels blamed by most scientists on global warming.
The meeting is likely to be dominated by calls for early warning systems for natural disasters after Asia’s Dec. 26 tsunami that killed more than 150,000 people. It will separately look at a feared slow rise of ocean levels in a warmer world.
World On Brink Of Ruin
Alan Greenspan, that Matador of the Money Supply, the esteemed Impresario of Interest Rates, has suffered precious few slings or arrows over his many years as chairman of the Federal Reserve. Even the White House has had to offer its critiques off the record for fear of roiling the markets or upsetting the chairman’s Elvis-in-Vegas-like following. So when the chief economist of one of the world’s most prestigious banks calls Greenspan a bum, that’s a big deal.
And yesterday it happened. Stephen Roach, the chief economist for Morgan Stanley & Co. (nyse: MWD – news – people ), one of the most powerful investment banks and one of the 50 largest companies in the world, says Greenspan has “driven the world to the economic brink.”
Alaron energy report 10/1/05
View from the market:
“The future is now according to The Financial Times. They report, “Hydrogen powered future of the car industry came a step closer yesterday when Ford Motor announced the first commercial sale of a hydrogen vehicle and General Motors unveiled a break through in fuel cells using gas”. This GM car can go 300 miles before needing a fill up and Ford sold a fleet of minibuses powered by hydrogen. Even with these steps forward, we can’t afford to sit idly by. Time to get serious about securing our energy needs for the future.”
Daily gas injection attains 77.9 mln cubic meters
Tuesday, January 04, 2005 – ©2004 IranMania.com
LONDON, Jan 4 (IranMania) – The total amount of gas that is now being injected into the country’s oilfields hardly attains 80 mln cubic meters.
But this is not enough for the recovery of the old oilfields in the country. The Oil Ministry’s reports of the current volume of gas injection in these fields are not satisfactory at all with respect to the fact that about half of Iran’s oilfields are more than 50 years old.
However, Iran should increase gas injection if it wants to keep producing more than 4 mln oil barrels per day. Figures show that the whole world will face severe oil shortages in the next ten years so that most of the oilfields will start aging and this would result in sharp reduction of reserves.
Shareholders’ nod for PDO’s EOR project
Monday, January 10, 2005
Shareholders’ nod for PDO’s EOR project
MUSCAT — The shareholders of Petroleum Development Oman (PDO) have taken the final decision to invest in the company’s first full-scale enhanced oil recovery (EOR) project as part of the development of a cluster of oilfields near Harweel, in south Oman, a press release said.
The $600 million field development, known as Harweel Phase 2A/B, builds on the earlier Harweel Phase I pilot project that resulted in four oilfields coming on stream in 2004, beginning with the Zalzala field in March.
Good, Gloomy, or Grim in 2005?
Growth tops the wish list, but even recession wouldn’t be all that bad, given that recovery always follows. The big fear? Stagnation
Vietnam Sets ‘05 Petroleum Pdt Imports At 12.4M MT -Exec
HANOI (Dow Jones)–Vietnam expects to import 12.4 million metric tons of petroleum products in 2005, up 14% on year, a government executive said Monday. Vietnam Sets ‘05 Petroleum Pdt Imports At 12.4M MT -Exec DJ Vietnam Sets ‘05 Petroleum Pdt Imports At 12.4M MT -Exec HANOI (Dow Jones)–Vietnam expects to import 12.4 million metric tons […]
Paintable Solar Cells
University of Toronto researchers have come up with a sprayable solar cell that can be applied like paint to any surface. Using nanotechnology (individual elements consist of a chain of eight carbon atoms), the researchers increased performance by harnessing infrared radiation, wavelengths unused by prior generations of solar cells. With further improvement, they believe the material can increase to 30% efficiency.
Who am I to disagree with these experts?
As I skeptically analyze Peak Oil arguments for my writing students, I tell them that coming to firm conclusions is no easy task, especially when the experts on either side are more involved in the issue than you are. It still seems the burden of proof is on the Peakers. As the saying goes, “Extraordinary […]
Good, Gloomy, or Grim in 2005?
Oil prices: They’re beginning to come down from their $55-a-barrel peak. At S&P, our baseline forecast expects oil to average $44 this year (about the same as in 2004) and $36 for 2006. But oil prices seem especially unpredictable now, given the uncertainties in the Middle East and the strong energy demand in Asia.
Panicked India goes after Iranian, Russian and American Energy Assets
India panicked over future oil supply went after international oil assets competing directly with China. Both China and India may be wrong in their approach, which will not solve their problem and may turn out a very costly experiment for both the countries.
For remainder of article, click here
Blackouts could spark £12m fine
National Grid, the firm in charge of supplying electricity to England and Wales, could face fines of up to £12m a year in the event of major power cuts.
Regulator Ofgem announced the penalties as part of an incentive scheme to improve the firm’s record on blackouts.
The center of the doughnut
We might look at the entire world in doughnut terms, with the whole of Uncle Sam in the empty hole in the middle that produces almost nothing it can sell abroad.
Iraq oil exports resume after sabotage halts power at pumping stations
Iraq’s oil exports from the south resumed Sunday after sabotage attacks on power distribution lines in the area halted pumping at terminals in Basra, the oil ministry said. “On Friday at about 1:00 pm (1000 GMT) exports stopped completely after power went down at the Zubair one pumping station,” a ministry official said. He said […]
Pakistan wants Iran gas with or without India
Pakistan and Iran are holding pre-project consultations to determine price, quantity and quality of gas for the proposed pipeline, after India’s insistence on supply at the doorstep.
“There has been some discussion on the technical aspects between the two sides recently and we are willing to pursue this project on self-financed basis,” said a senior government official here Saturday.
Automakers put hydrogen on fast track
The Sequel uses fuel-cell technology that until now has not matched the overall performance of gasoline engines. GM is introducing the car at the North American International Auto Show in Detroit as rival companies make similar announcements.
Passengers at Dallas-Fort Worth International Airport will soon ride on buses with hydrogen-powered engines, Ford Motor Co. chief executive William Clay Ford Jr. is to announce today. Ford also is to announce plans to create three gasoline-electric hybrid vehicles for retail sale, and to rush the hybrid Mercury Mariner sport-utility vehicle to showrooms later this year — a year ahead of schedule to capitalize on consumer interest in hybrids
Continent at risk of a dry tsunami (Requires Registry)
Ours may be remembered as the generation that allowed Australia to die, writes Paul Sheehan.
Gerry Harvey wears woollen socks. I know this because he is given to taking his shoes off and putting his feet on the table. Billionaire’s prerogative. At this particular meeting, commerce was not uppermost on his mind. The survival of Australia was the subject. Basically, how long have we got?
Lew Rockwell Column On Peak Oil
Charles H. Featherstone writes on peak oil. Interesting to see this coming from a libertarian website.
Global Weather is Freaking Out!
Rising Oil Costs Ahead
In his Dec. 29 op-ed column, Robert J. Samuelson said that strong consumer spending can no longer be relied upon as the engine of this country’s economic growth because of rising consumer debt, increasing interest rates, a costlier welfare state and the effects of globalization. He left out another factor: Oil prices averaged $26 a […]
The Kremlin plays the China card
Jan. 17 issue – In the suburbs of Vladivostok, they say darkly, you can’t hear the frogs on a summer evening anymore. Why? Chinese immigrants ate them all. On the Russian side of the Amur River, people talk about the preponderance of boys among Chinese infants—and suggest that 35 million Chinese men will soon be […]
Behind the Bouncing Ball of Oil Prices
You wouldn’t expect to walk into a drugstore and find regular toothpaste selling for as much as $6 a tube. You might be equally surprised if the price dropped to $1.50. But in the market for oil, where forecasts for prices now vary by a factor of four, that kind of range may soon become […]
Minister: Saudi has spare oil capacity to meet Asia’s needs
(MENAFN) Saudi Arabia’s oil minister said that his country is keeping spare capacity to meet the needs of Asia’s fast-growing economies, labeling the region the country’s chief customer, Reuters reported. In a meeting discussing oil cooperation, he told Asian ministers that Riyadh was dedicated to maintaining spare production capacity in the range of 1.5 to […]
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